Through the Financial Services & Markets Act 2023 (FSMA), the UK parliament has given the FCA the power to seek to ensure reasonable provision of cash deposit and withdrawal services for personal and business current accounts in the UK or part of the UK.
In brief:
-95.1% of the UK population is within one mile of a free-to-use cash withdrawal point
-However, due to the rising number of cashless payments and the changing bank branch networks, the FCA reports that if the pace of change is not managed sensibly, customers reliant on cash will be significantly affected
-Cash payments remain important to customers who are vulnerable and to many smaller businesses
What does this mean?
The FCA will seek to maintain a network of cash access facilities that is in keeping with the current distribution of services so that people and businesses who remain reliant on cash are able to withdraw and deposit it
